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EXPERCENT DETAILED BUYING PROCESS
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- BUDGET
PLANNING
The first step in buying a new home should be planning your
budget. Calculate your monthly income and expenses and decide
exactly how much you're willing to spend on housing each month.
In addition, you need to decide how much money you're going
to allot to the down payment. You can do this on your own
or with the help of an Expercent Loan Specialist.
- PRE-QUALIFICATION
Once you know the limits of your monthly
housing expense and the total amount you'll be able to use
as a down payment, your next step is to get pre-qualified
for a home loan. This is a simple process that can be done
over the phone in a few minutes. An Expercent Loan Specialist
will ask you a few questions and immediately be able to tell
you how much money you're qualified to borrow and exactly
what the monthly payment will be, including principal, interest,
tax and insurance. Your Loan Specialist will be able to search
as many as a hundred different loan programs, from many different
lenders and find the one that works best for your specific
needs.
- PRE-APPROVAL
After you've been pre-qualified and
your Loan Specialist has found a loan with terms you're
satisfied with, you'll be asked to submit a loan application
so that you can move forward to pre-approval. In a few days,
you'll be notified that you have a loan pre-approval and
you're ready to buy your home.
- BUYER'S
AGENT
You may begin working with an Expercent
Real Estate Specialist as soon as you've been pre-qualified.
You'll be assigned a buyer's agent who has detailed knowledge
of the area in which you're shopping. Your agent will help
you pinpoint exactly what you're looking for in terms of
home size, property size, and amenities. After all the necessary
information is compiled in our computer, your agent will
run an extensive multiple listing search. This search will
deliver a list of every property for sale that matches your
criteria. Your Expercent Real Estate Specialist will immediately
e-mail your list to you, including pictures of all the homes
that have photos available.
At this point your agent will put you to work. There is
no one better qualified to pick the neighborhood you want
to live in, or the style of home you want to buy than you;
for this reason, your agent is going to ask you to take
the complete list of properties and drive by each one. Many
homes will be eliminated from your list simply because they
are not in a desirable location or the styling and/or condition
is not up to your standards.
The best homes sell fast so it's
important that you do your home search as quickly as possible.
Once you've limited your list to the homes that are of particular
interest to you, contact your agent to set up an appointment
to view each of them. Of course, your agent may already
be familiar with some of the houses on your list and may
suggest you view one or more of them right away so as not
to miss out on a good opportunity.
In addition, your agent will have already inputted your
home criteria into our home search system and will alert
you as soon as any new property comes on the market. You'll
be aware of these properties before a sign is in the yard
and be first in line to view hot properties.
- MARKET ANALYSIS
After you've selected a property
and you are ready to make an offer, your Expercent Real
Estate Specialist will conduct a market analysis to determine
if the home you're interested in is priced right or if your
offer should be less than the asking price. Your agent will
share this information with you in detail and help you arrive
at the best offer considering the current market conditions
and your specific goals.
- CONTRACT
When you've decided
on your price, your agent will write a purchase contract
making sure to protect your interest above all others. Your
contract will include contingency clauses that make sure
your property appraises for as much or more than the sales
price, and that your offer is only valid after a complete
inspection by a licensed home inspector. Your agent will
also request that the seller include a one-year home warranty
policy and complete any needed termite eradication or damage
repairs.
Of course, your real estate purchase agreement will include
terms and conditions specific to your needs including: length
of escrow, type of loan, whether or not you have to sell
your house before you can complete the contract, how soon
after escrow closes you want to occupy your home, etc..
Writing the contract is naturally the most important step
in your transaction. Your Expercent Real Estate Specialist
will be of tremendous value during this process, possibly
saving you thousands of dollars and making sure you do not
face any unexpected difficulties during the escrow period.
- SUBMITTING
THE OFFER
When the contract is complete, your
agent will submit your offer via fax to the listing agent
(the real estate agent working for the seller). At this
point your agent will also contact the listing agent by
phone and begin the negotiation process. The listing agent
will present your offer to the seller and within a few days
respond with an acceptance or more likely a counter offer.
This process may be over quickly or may go back and forth
several times before an agreement can be reached. The experience
of your Expercent Real Estate Specialist will be of tremendous
value during this negotiation period.
- ACCEPTING
THE OFFER
Once an agreement is reached by you
and the seller, your agent will make sure all contracts
are signed, the appropriate paperwork is completed, and that
escrow is opened.
- ESCROW
During the escrow period your Expercent
Real Estate Specialist will be in continuous contact with
all parties involved to make sure your deal closes on time.
Your agent will make sure your home inspection is complete any necessary repairs are made, and keep a close eye
on your loan to make sure it is funded in time for the close
of escrow.
If you are also selling a house, your agent will be of particular
help in coordinating simultaneous closing of the escrow
on the home you are selling with your new home's escrow.
- FINAL
WALK THROUGH
A few days before the close of escrow
your agent will arrange a final walk-through so you can
determine that repairs have been made and that your new
home is in the same or better condition than the day you
wrote the purchase agreement.
- CLOSE
OF ESCROW
At the close of escrow your Expercent Real Estate Specialist
will hand you the keys to your new home.
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